Menu
Sign In Search Podcasts Charts People & Topics Add Podcast API Blog Pricing

Justin Fischer

๐Ÿ‘ค Speaker
222 total appearances

Appearances Over Time

Podcast Appearances

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

Why?

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

Just to kind of compound on that a little bit, the banking industry is really led by federal regulators, right?

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

And state-based regulators, but a bunch of different acronym agencies that enforce compliance.

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

And in the last probably decade or so, their guidance has been very convoluted and difficult for banks to follow.

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

It ends up making ridiculous things come out when the examiner sits and talks with the bank.

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

Nathan, you've got 300 ATMs.

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

You know what?

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

I'm going to decide to make you have to open up 300 different bank accounts for every ATM just so I can separate cash easier.

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

An examiner actually told a bank that.

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

and force the bank to not be able to bank that business, right?

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

And they force them through saying, hey, this could be an enforcement action to you.

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

Hundreds of thousands of dollars.

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

It depends on how you do your process.

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

But most ATM machines will only have about 20K or less in them.

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

But I mean, I'm sure you've seen in the news where people pull up trucks and drag these ATMs out and do all kinds of crazy stuff.

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

You take an ounce of intelligence and you watch someone feed it, not advocating crime, but that's unfortunately a very sensitive area.

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

And so that's why you'll see more armored car services.

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

But every time you use those other third parties, they're cutting in on your fees, right?

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

So we help make, we make money by helping the institutions do compliance, right?

SaaS Interviews with CEOs, Startups, Founders
They Help Banks Underwrite Cannabis Founders, $500k ARR Now, $1m Soon?

So when a, let's just say, let's just take a different market, like a THC dispensary, right?